Apple Shares Spike on Strong Earnings

Apple's market cap of $782 billion is more than Disney, Time Warner, Comcast, 21st Century Fox, Sony, Viacom and CBS combined.

If it can hold its gains, Apple stock will be at a record high as it was up more than 6 percent after the closing bell on Tuesday, the result of better-than-expected quarterly earnings and upbeat guidance for the next quarter.

Apple said it earned $1.67 per share in the quarter, while Wall Street expected $1.57. Revenue was up 7 percent to $45.4 billion, about $500 million more than the expectations of analysts.

The company sold 41 million iPhones, about 800,000 more than Wall Street projected. Apple said it expects $52 billion in revenue in the current quarter, and some analysts presume the hefty guidance means the tenth anniversary iPhone will be ready for sale some time next month.

Apple finished the quarter with an impressive $261.5 billion in cash and equivalents on its books.

Apple generated about 55 percent of its revenue from sales of its popular iPhone. Apple's services business, which includes Apple Music, apps and games, posted $7 billion in revenue, up 22 percent from a year earlier.

Apple CEO Tim Cook said Apple Watch sales increased 50 percent year-over-year, though the company doesn't break out sales details of that product, it simply puts them into its "other" category along with Beats headphones and other items.

Apple shares ended the regular session Tuesday up 1 percent to $150.05, leaving the company with a market cap of $782 billion, more than Disney, Time Warner, Comcast, 21st Century Fox, Sony, Viacom and CBS combined.